KUALA LUMPUR: Shares in automotive parts and components manufacturer KHPT Holdings Bhd jumped 45% in its debut on the ACE Market of Bursa Malaysia, following an initial public offering (IPO) that raised RM21.73mil.
The company hit the market running at 29 sen a share, representing a nine sen premium to its IPO price of 20 sen a share. As at 9.40am, the share has since subsided on profit-taking to a 15% lead at 23 sen a share.
According to the group, it aims to direct the bulk of the proceeds of the IPO towards purchasing a press machine and automation equipment.
The remaining funds would go towards renovating its factory, working capital and covering the listing expenses.
Independent non-executive chairman of KHPT Datuk Noripah Kamsoa said the market capitalisation of RM80.48mil strategically positions the company to leverage its established relationships with Proton and Perodua—brands that dominate the local market.
"Our ability to deliver customised, high-quality automotive components has made us a trusted partner in the production of 14 Proton and 13 Perodua past or current models.
"As the industry’s continuous evolution into the electric vehicles and green technology, KHPT’s in-house engineering capabilities and long-standing expertise will allow us to not only adapt but lead in providing innovative solutions," she said in a statement.
She added that the listing marks the beginning of the company's gradual expansion, both in Malaysia and potentially into international markets.
